Nelson Company, organized in 2020, has the following transactions related to intangible assets.

Instructions
Prepare the necessary entries to record these intangibles. All costs incurred were for cash. Make the adjusting entries as of December 31, 2020, recording any necessary amortization and refl ecting all balances accurately as of that date.

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Purchased patent (7-year life) Goodwill purchased (indefinite life) 8-year franchise; expiration date 7/1/2028 Research and development costs incurred prior to technological feasibility $560,000 360,000 1/2/20 4/1/20 7/1/20 440,000 11/1/20 448,000